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The gym will be deducting their cost of the facilities and coaches anyway, as these are on-going costs, whether they are compensated for services or not. That being said, then, the University should certainly send an acknowledgement and thanks, but as far as assigning a value, no. Contributions are limited to the lower of fair market value or basis, and the donor's basis in this case is its costs. Said another way, the gym would not take a separate deduction.
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